The debased and exhausted Europe—the object of Herbert Hoover philanthropy—would become the bankrupt debtor of its transatlantic savior.
A person licensed under the terms of the Bankruptcy Act appointed by court to take possession of the assets of a bankrupt debtor.
Bankruptcies also placed a heavy burden on society and creditors did not benefit from having to pursue bankrupt debtors for years on end.
The lawsuits pending at the time of the opening of bankruptcy proceedings against the debtor will be taken over by the liquidator in their name where they relate to:
However, applicants in such cases must regularise the proceedings by involving the trustee who alone has the power to represent validly the bankrupt debtor.
3. decide on the continuation or discontinuation of the debtor’s activities and on the manner and terms for liquidation of the debtor's assets
11 The task of the committee under Paragraph 133(1) of the Law on insolvency is, together with the meeting of creditors, to approve the restructuring plan which must be drawn up by the insolvent debtor.
Omissions that caused the debtor to lose a right or on the basis of which the pecuniary claims against them were founded, maintained or secured are deemed equivalent to such legal acts.
11 The task of the committee under Paragraph 133(1) of the Law on insolvency is, together with the meeting of creditors, to approve the restructuring plan which must be drawn up by the insolvent debtor.
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